| This question <47|14> overall <56|58> Hans: <56|58>. |
| Question 49: Is the magnitude of value of a commodity determined by the quantity of abstract labor necessary to produce it, or by the quantity of other commodities against which it can be exchanged? |
| [57] Hans: Determination of value versus measurement of value Answering the Question whether value is determined by labor content or by exchange proportions, Bandit answers in message [49]: the average labor conent is a better measure of value than exchange proportions, because the exchange proportions are so variable and it is so hard to know them for sure. |
| Well, the question how something is determined is different than the question how something should be measured. |
| For Bandit, obviously, value is not determined by either labor or exchange. Value is really something different than those two, but both are good ways to get an estimate, to measure the thing's value. |
| Marx, by contrast, says that the social quality which commodities have which he calls “value” is determined by labor content, Value is congealed abstract labor. The exchange proportions are expressions of value, signs of value. Therefore they would give a way to measure value if the information about the labor is absent. |
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